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3 years ago

"record revenue when goods or services are provided to customers" is the definition of which principle in accounting?

1 answer:

6 0

Revenue Recognition is one of the principles of accounting which explain the conditions for recognition of a Revenue. According to this principle, a business should record the revenue when the goods or services are provided to customers. The principal further explains that the revenue should be measurable in terms of money and the collection of revenue should be done or it should be receivable.

Hence we can say that "record revenue when goods or services are provided to customers" is the definition of Revenue Recognition principle in accounting.

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How would you respond to the argument that it is impossible to judge how successful a project like this one would have been unle

ANTONII [103]

Answer:

Explain forecasting

Explanation:

This implies that I will have to let the other person know that it possible to judge how successful a project would be by doing what is called forecasting.

Forecasting allows one to project to a reasonable extent what the success level of a project would be, especially in terms of it's revenue, overall expenses before the project is carried out. A good forecasting tool is Forecast web application which provides future estimates of budget and task duration.

8 0

3 years ago

You and a group of friends are planning to visit a theme park, which charges $60 for admission, $100 for a two-day pass, and $13

enyata [817]

Answer:

Part 1.

Average cost per day of a three-day pass = $53.33/day per person

Marginal cost of adding the third day = $190 - $160 = $30 per person

Part 2.

Group's marginal cost of switching from the two-day pass to the three-day pass = $180

Explanation:

The total cost is the admission charge ($60) plust the cost of the pass ($100 or $130).

For a two-day pass that is: $60 + $100 = $160, per person

For a three-day pass that is: $60 + $130 = $190, per person

Part 1. The average cost per day of a three-day pass per person. 

The average cost is the total cost divided by the number of days.

Average cost = $160/3days = $53.33/day per person

The marginal cost of adding the third day per person is found by subtracting the total cost for two days from the total cost for three days:

Marginal cost of adding the third day = $190 - $160 = $30 per person

This says that althoud the average cost for the three days is $53.33 the cost of adding the third day is $30, which is much lower; thus, it is a good deal to buy a three-days pass, as they are interested in spending a lot of time there.

Part 2. The group's marginal cost of switching from the two-day pass to the three-day pass

Since the marginal cost of switching from the two-day pass to the three-day pass is $30 per person, the marginal cost for the 6-person group is 6 times $30:

6 persons × $30/person = $180.

8 0

3 years ago

there is a growing emphasis on strategic supply management processes and less on purchase transactions.

PSYCHO15rus [73]

This statement is true. As there is the growing emphasis on the strategic supply management processes and less on the purchase transactions.

Effective interpretation of corporate and supplier objectives, selection of appropriate actions to achieve objectives and integration of inventory information into organizational strategies. hiring professionals trained specifically in supply management, providing them with technical knowledge and long-term leadership development. emphasizing strategic cost management, engaging key suppliers early in the process, and measuring reductions in total cost of ownership. Supply management has evolved from a process-oriented, strategic function to a transactional, tactical function. The reduction in inventory investment comes primarily from users reducing their demand for stocked items. Therefore the statement is true.

Learn more about supply management.

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8 0

1 year ago

Seo-yeon is beginning to wonder if she has made the right decision about purchasing a new HP laptop after she sees a friend with

tino4ka555 [31]

Answer:

postpurchase evaluation phase

3 0

3 years ago

Unavoidable fixed costs areA.relevant to the decision of whether to discontinue the department.B.irrelevant to the decision of w

larisa86 [58]

Answer:

Irrelevant to the decision of whether to discontinue the product line because they will not differ between alternatives.

Explanation:

Fixed costs can be defined as expenses that remain constant during a particular period of time, these costs does not change with an increase or reduction in the volume of production. Fixed costs tends to remain the same even when the organisation experiences a massive sale of their products in the market. Example of fixed costs include rent, loan.

Unavoidable fixed costs can be described as the costs incurred by a company during the introduction of the product into the market. This type of cost does not have the tendency to fluctuate when the production process is discontinued.

8 0

3 years ago